Blackboard announced that three colleges and universities have implemented the new BlackboardPay prepaid card program to deliver more than $40 million in financial aid to students through the service.

The University of Texas at Tyler, Georgia Gwinnett College and Jones County Junior College in Mississippi have used BlackboardPay to simplify financial aid and student payroll disbursements – cutting costs and lowering or eliminating student fees.

BlackboardPay grants students immediate access to their funds rather than waiting for paper check disbursements. BlackboardPay protects students by eliminating overdraft exposure and PIN debit fees while reducing the need for a secondary bank card.

Students that participate in the BlackboardPay program can use the prepaid card to make purchases at a variety of debit acceptance locations. Cardholders can also withdraw cash at participating merchant locations and ATMs around the world that bear the Pulse, Allpoint or STAR Network logos.

At UT Tyler the Patriot Power Card combines the features of a university ID card with prepaid functionality, enabling students to use a single card for all campus services. The card does not charge students with transaction fees for accessing their funds. Starting this fall, students could access their financial aid funds through BlackboardPay on the same day they are processed by the institution.